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SPAC Track FAQ

About SPAC Track and SPAC Track Pro

SPAC Track is a platform built in order to help the everyday investor keep track of individual SPACs and the overall SPAC market.

 

There is a substantial amount of data to track when following SPACs and the SPAC asset class is growing at a breakneck pace. SPAC Track aims to make following the SPAC market easier for the everyday investor.

SPAC Track is for everyday investors and professionals that are looking for real time data and insights into the SPAC market.

SPAC Track offers its viewers a real-time view of the SPAC market via a number of tools. Search and filter for specific SPACs based on a number of variables such as target focus, IPO size, and much more on the SPAC Screener page.

 

See a list of all of the tools SPAC Track offers here.

SPAC Track Pro is our premium subscription service to discover, track, and analyze SPACs and De-SPACs. The Pro version comes with 4x more data points than the standard version of the site. Pro users will be able to view Active and Completed SPACs in one screener as well as be able to utilize premium filters to navigate SPAC Track data much more efficiently and to discover much more about SPACs and De-SPACs.

 

The Pro version also includes several other useful features such as the ability for unlimited downloads and to save SPACs/ De-SPACs in watchlists.

 

See more and sign up for SPAC Track Pro here.

We are currently offering introductory pricing for the early subscribers.

 

The cost for an Individual single user subscription is $29.99 per month or $249.99 (~30% off) for annual subscriptions.

 

The cost for a Professional (within organizations) single user subscription is $59.99 per month or $499.99 (~30% off) for annual subscriptions.

 

We offer discounts to students as well. If you are interested in a student discount, please send an email to spactrack@commonfi.com.

 

See more and sign up for SPAC Track Pro here.

There is currently no difference in service between the "Individual" and "Professional" accounts. The only difference is the cost.

 

SPAC Track was created for the retail investor, thus individuals are given a lower price so that more can access the data.
 
We categorize "Professionals" as anyone using the service on behalf of any organization.

To login, you will navigate to the SPAC Screener page at spactrack.io/spacs, click on the 'Pro Menu' button and then select 'Login'.

 

To cancel your membership, simply login, and on the 'Pro Menu' found on the spactrack.io/spacs page:

 

Select 'Profile', then select 'Membership' on the menu. From there you can cancel your membership.

 

If you are willing to provide any feedback as to why you canceled, we would love to hear it at spactrack@commonfi.com

SPAC Screener Instructions (Standard and Pro)

The SPAC Screener is the core research tool from SPAC Track that lets users identify SPACs or former SPACs (De-SPACs) based on various criteria or market strategies as well as track the broader SPAC asset class.

Refreshing the page:

  • The data in the SPAC Screener is constantly updating throughout the day. If you are using the screener for an extended period of time or using it for live market data, it is advisable to refresh the page frequently to get the most recent information.
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Mobile-specific Notes:

  • For data points with a large amount of text, you will see an ellipsis at the end of the text string. To see more, simply click on the text and a tooltip (text bubble) will appear revealing the full content. To hide the text bubble, simply click outside of the bubble anywhere on the screen
  •  
  • The following functionality is disabled on Mobile for Free and Pro Users:
    • Prices & Values — (entering min. and max. values only available on desktop, however, you can use the “Price Filters” to easily find SPACs that fit frequently searched criteria
    • “Select Columns” — adding or removing data point columns from the table
    • For Pro Users only: “Download” — you will need to download the table on desktop for the time being
    •  

Watchlists:

  •  
  • Pro users will have 4 watchlists that are saved to your account and can be accessed from any device after the user logs in
  • Currently, all the Watchlists display the “Default View”. The other views will be added soon for Pro users

The Download functionality (unlimited number of downloads) for SPAC Track Pro users is found on the SPAC Screener page here: spactrack.io/spacs.
 
The download includes both Active and De-SPACs (completed 2019-) and includes the columns/data points found in the "Default" and "Quotes" Views only. See description of each "View" in the "Table Views" FAQ below. The full list of data points is below as well.
 
Make sure you are logged in as a Pro user. Then select 'Default View' or 'Quotes View' from the Table Views options. From there, simply select 'Excel' or 'CSV' to download both the Active and Completed SPACs list (or filtered data as well). You can also Download from your Watchlists.
 
**Downloads are currently only available on Desktop. The 'Download' buttons are hidden on mobile.
 
Important note: the download functionality for Pro users is only on the SPACs Screener page at spactrack.io/spacs, not at the legacy Active SPACs page on spactrack.io/activespacs. That is a separate download for non-Pro users.

First thing to note is that the filtering works in a “drill-down” manner for this table meaning additional filters will decrease the results. For instance, selecting “Searching” and “Top Tier UW” will display the results that meet both criteria (ie. SPACs that are Searching for a target and have a Top Tier Underwriter), rather than either of the criteria.

 

Users can utilize the preset filters, enter their own search term, or simply sort the table. You can also filter and then sort the filtered table. To select multiple filters, just click each filter button you want to use. To remove a filter, simply click the filter button again!

 

Enter in your search term in the search field (ex. SPAC name, Target Industry like “Consumer”, Underwriter name like “Goldman”, or even Notable People like “Ackman” or “Branson”). Alternatively, just click one of the preset terms to filter the table.

 

‘Active Filters’ Counter and ‘Clear Filters’: As there are quite a few filters, including several that are relatively hidden in “More” dropdown menus, there is a filter counter and “Clear Filters” button in the top-left of the table. This way users can easily see how many filters are active and easily remove all filters with one click.

 

Note for Pro Users: Clicking “Clear Filters” will default the “View” back to “Default View”.

As there are many data points for SPAC Track Pro users, you can now jump to new table views in order to quickly visualize a set of columns with particular data sets.

 

Default View (Basic and Pro): The standard classic view that shows the core SPAC details for both Free and Pro users. Default view will contain only Active and Pre-IPO SPACs for Free users, while Default View will show Active, Pre-IPO SPACs as well as De-SPACs (Completed SPACs) for Pro users.

 

Quotes View (Pro only): This table view allows users to get a quick look at the stock performance for common shares, warrants, and units.

 

Details View (Pro only): This table view allows users to drill down into the nitty gritty of the SPACs and SPAC merger deal details:

  • SPAC — many of the Default View and more in-depth information such as formation country, sponsor affiliation & more)
  • SPAC merger deal (if applicable) — target sector and description, deal financial details (valuation, PIPE, ++) as well as links to important documents and additional research material

 

De-SPAC View (Pro only): When users select this table view, the results shown by the table are limited to De-SPACs (completed mergers) only. This view includes many of the deal details included in the Details View, as well as details relevant for De-SPAC tracking such as post-closing S-1 filings and redemption information

 

*Note that users can enter in a SPAC name in the search bar and toggle between Views to quickly see various datasets.*

Basic and Pro Filters:

 

  • Status:
    • Searching — Has IPO’d but has not yet found/announced a merger partner
    • Agreement – Has entered into a definitive agreement to merge with a target company
    • In Talks (Unconfirmed) — a mainstream publication, such as Bloomberg, Reuters, WSJ has published a report noting that the SPAC is “in talks” to merge with a particular company
    • Active – SPAC has IPO’d (is public) but has not completed its merger yet (Active includes all Statuses except Pre IPO and Completed)
    • Pre IPO — The SPAC has filed its S-1 registration, but has not IPO’d yet (is not yet public & thus has not commenced searching for a target) 
    • Pre Unit Split – Units have not separated into warrants and common shares (and/or Rights in some cases)
    • LOI — Letter of Intent to merge with a target company has been announced, but no definitive agreement has been signed

 

  • SPAC Target Focus: The industry/sector that the SPAC is focused on targeting for its merger partner, as noted in its registration filing.

 

  • Recent Activity
    • New Registration — Filed S-1 in the last 7 days
    • Recent IPO — priced IPO in the last 7 days
    • Recent Split — Units became available to separate into common and warrants in the past 7 days. This means that the common shares and warrants (and/or Rights) are now available to trade separately.
    • Deadline Approaching — Deadline for business combination within 2 months
    • Movers 5% — The SPAC’s Common shares have increased or decreased 5% or more from its previous close

 

 

Pro Only Filters:

 

  • SPAC Filters:
    • Well-Known Sponsor — Prominent/recognizable founder or sponsor group
    • Serial Sponsor — 3 or more SPACs under the sponsors’ belt
  • Deal / Merger Partner (MP) Filters
    • Recent DA — Def. Agreement announced in the past 7 days
    • Filed S-4 — SPAC has filed its initial S-4 / F-4 form (document required to be filed and approved by SEC for public company mergers)
    • MP Sector – The sector of the SPAC’s announced / completed merger partner (MP)
    • Merger Vote Set —The SPAC has announced a definitive merger vote date
  • Deal & De-SPAC Filters
    • Completed — SPAC merger has completed
    • Closed in 2020 / Closed in 2021 — The SPAC merger completed (transaction closed) in 2020 or 2021
    • High Redemption (50%+) — The SPAC experienced public share redemptions of over 50%
    • Upcoming S-1 Effective — The De-SPAC / SPAC has filed its initial post-closing S-1 (typically registering PIPE shares), but the S-1 has not yet gone effective (pending SEC approval)
    • S-1 Effective —The De-SPAC initial post-close S-1 filing has gone effective (approved by the SEC) and the shares are now officially registered and able to be traded barring other lock-up provisions

  • Market Data:

 

Price data is provided by our market data partners in real-time, when available, or delayed at least 15 minutes. Realtime quote and/or trade prices are not sourced from all markets.

 

  • “Estimated” Data Points:

 

Any field that is “Estimated” is exactly that: estimated. For instance, generally SPAC units separate 52 days after IPO, thus the formula for Estimated Days Until Unit Separation is IPO date + 52. When there is a confirmation on the estimated data point from the SPAC, the confirmed value will replace the Estimated one (ie. when a SPAC announces a unit separation date)

 

  • Accuracy and Timeliness:

 

SPAC Track works diligently to provide accurate and timely data. The non-market data including curated information is updated throughout the day.

 

The database will not display some data points without official confirmation from the SPAC itself or another official source unless the particular data point is marked as “Estimated”. One example of this is “Public Shares Redeemed” – this will not be shown unless the SPAC or De-SPAC files or announces this number.

 

Though we work hard to provide the most accurate data, it is important to note that all figures and data presented are for informational purposes only.

 

SPAC Track and its parent, CommonFi, do not make any guarantees, representations or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, accuracy, validity or freedom from interruption of any information or data on the SPAC Track Website. The content on the SPAC Track Website is not to be construed as a recommendation or offer to buy or sell or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy.

 

By viewing or using this data or information in any manner, you understand and acknowledge that such information may not reflect trading activity on all markets, as applicable, and is intended to provide you with a reference point only, rather than as a basis for making trading decisions.

 

See our full Terms of Service here: spactrack.io/terms-of-service

Please refer to the “Important Notes on Data” above for more information.

SPAC 101

Basic SPAC Terms and Definitions

  • SPACs or Special Purpose Acquisition Companies are “blank check” companies. A SPAC is formed exclusively to raise funds via an IPO and use those funds to acquire a company in order to take it public through a reverse merger. A SPAC is essentially an alternative vehicle (to traditional IPOs and direct listings) for companies to raise capital and access liquidity in the public markets.

  •  

A blank check company is a development stage company that has no specific business plan or purpose or has indicated its business plan is to engage in a merger or acquisition with an unidentified company or companies, other entity, or person (SEC).

The group that forms and manages a SPAC is known as its Sponsor.

 

SPACs sponsors include investment banks, private equity and venture capital firms, and professionals with capital markets experience. Many SPACs are now launched by operators, or executives with prior experience in the industries/sectors that the SPAC has targeted.

 

Many SPAC sponsors are serial players, launching multiple SPACs.

 

SPAC sponsors typically receive 20% of the common equity in the SPAC upon successful merger for an investment of approximately 3% to 4% of the IPO proceeds. For example, in a $250 million SPAC, the sponsor typically receives approximately $60 million of common stock for a $7 million investment in the private placement warrants. This sponsor compensation is called the "Promote". The Promote terms can vary from SPAC to SPAC and are typically negotiated by the eventual merger partner. Typical negotiation points include the reduction of the promote or tying to performance of the post-merge company's stock.

PIPE stands for private investment in public equity. It involves selling shares of a public company in a private arrangement with a select investor or group of investors.

 

A SPAC can seek a PIPE deal if it needs to raise additional capital to close a merger transaction with a target company.

 

PIPE raises have become a cornerstone of the SPAC market and mergers without PIPE deals are rare. The PIPE ensures that the merger partner is guaranteed to receive a certain amount of proceeds, even if there are significant shareholder redemptions that decrease the size of the SPAC's trust account.

 

After deal terms have been met between the SPAC and the merger partner (or target), the PIPE roadshow begins. Similar to an IPO Roadshow, the SPAC and the merger partner pitch institutional investors on investing in the PIPE.

 

PIPEs offer considerable benefits to the entire investor base as the process is a form of "check and balance" on SPAC sponsors to prevent deal terms from being too unfavorable to investors. The institutional investors that invest in the PIPE effectively "rubber-stamp" the deal terms by agreeing to invest at those terms. Thus a PIPE with inclusion from reputable institutional investors can inspire confidence in the particular deal that the SPAC and company present to the public.

 

There are drawbacks to PIPEs, however, including additional dilution to SPAC investors in the post-merger company. Also, PIPE investors in SPAC deals typically do not have a lock-up period (period of time after merger in which the shareholders are restricted from selling their shares). This can result in downward pricing pressure if PIPE holders were to sell.

 

PIPE investors are effectively restricted from selling their shares, however, until their shares are registered for resale with an S-1 form that is typically filed after the merger closes. Once this S-1 form "goes effective" (is approved by the SEC), the PIPE shareholders are able to freely sell (as long as there is no additional lock-up provision as previously mentioned.)

Letter of Intent or LOI is an agreement between the SPAC and the prospective merger partner that sets out basic terms of a deal and is typically signed in order to begin the due diligence process.

 

A SPAC can have an LOI signed with multiple target companies at once and an LOI does not mean a deal is imminent. The deal could fall through during the diligence period or due to a negotiation breakdown

 

There are binding and non-binding LOIs. Non-binding are the most common as it allows both the SPAC and the prospective merger partner to explore other opportunities, while binding LOIs do just that... bind both parties until the diligence process is complete or other considerations outlined in the particular agreement are met.

 

It is exceedingly rare for a SPAC to announce an LOI, but when they do, they are usually binding.

A Definitive Agreement or "DA" is a fully executed agreement to merge the SPAC and the merger partner.

 

Once the Definitive Agreement (DA) is announced, the "De-SPAC" process begins which culminates in a shareholder vote in which the SPAC investors vote whether or not to approve the merger and have the ability to redeem for their pro-rata share of the SPAC's trust account.

100% of the funds raised in the SPAC IPO by public investors are placed into a Trust account. This increases over time as it collects interest. In addition, if the Management needs to extend the time period to consummate a merger, they often must deposit additional funds. The Trust can decrease as well due to investor “Redemptions”, which are covered below.

 

The SPAC sponsor can use a portion of the funds for a very limited number of the SPAC's expenses, such as taxes. This information can be found on the particular SPAC's S-1.

Invest in SPACs just like you would any stock... You have three investment options in most SPACs: units, common shares, and warrants, and much less frequently there are also "rights". 


When searching for SPAC tickers on any brokerage:

 

Example SPAC: CCIV

Commons: CCIV

Units: CCIV-UT or CCIVU

Warrants: CCIV-WT or CCIVW

Rights: CCIVR

The majority of SPACs offer units when they IPO, rather than common shares. These units contain both 1 common share of the SPAC plus a combination of options (a fraction of a “Warrant” or a whole Warrant and from time to time, a “Right”). Generally these Units include 1/4 (one-fourth), 1/2 (one-half), 1/3 (one-third) of a Warrant or a whole Warrant. Larger SPACs tend to have smaller Warrant portions (ex. 1/4 and 1/5) and smaller SPACs tend to offer whole Warrants in their Units.

 

SPAC Units generally trade by themselves until 52 days following the IPO or final prospectus, at which time they are split into the common shares and Warrants. The Units continue to trade alongside the common shares and Warrants until the merger.

The common stock or share of the SPAC. The public common shares are redeemable for the pro-rata share of the Trust, which is generally $10 (the IPO price) plus interest accrued.

A SPAC Warrant is: A contract with a defined expiry date, it allows one to buy a stock late at the defined strike price (typically at $11.50 ‘strike’). This future price of $11.50 is locked in no matter what the stock price is at a future time. The warrant price is like a down payment, the rest of the money is due later when you choose to redeem it. 

No, warrants are different from options. The warrant is a custom contract, its position is long only, and issued by the SPAC. For instance SPACs typically issue warrants as 1:1 instruments, meaning you can exercise 1 warrant for 1 share. There are many cases where the warrants are structured as 2:1, meaning the holder needs 2 warrants to convert into 1 share.

 

In contrast, options are standard contracts for 100 shares, can be positioned long or short (put/call), and issued by the exchange.

 

However, one can think of a warrant as a sort of long-term (5-year expiry) call option on the underlying stock as the exercise price of $11.50 is similar to the strike price and the price one pays for the warrant is like the premium.

A warrant can voluntarily be exercised or converted to common shares after the merger closes and when other criteria set by the SPAC within its prospectus have been met (most commonly, the later of 30 days after merger completion and 1 year after the SPAC's IPO).

 

The warrant holder will pay $11.50, the standard exercise price, in exchange for for common shares of the post-merger company.

 

There are also instances, such as the stock reaching and holding certain price levels, in which the post-merger company can force early redemption. In this case, warrant holders must exercise by the announced deadline or the warrants will expire essentially worthless.

 

To exercise warrants, you can reach out to your broker to initiate the action on your behalf. There may be a fee involved depending on your broker.

SPAC Stats

As of October 6th, 2021, there have been 97 deals announced YTD, with an aggregate enterprise value of $156B.

 

For more updated information, see our Stats page here, or subscribe to our newsletter here. 

In 2020, 248 SPAC deals were launched, and IPO proceeds were $82.97B.

 

For more updated information, see our Stats page here, or subscribe to our newsletter here. 

As of October 6th, 2021, there is over $170B held in SPAC trust accounts. 

 

For more updated information, see our Stats page here, or subscribe to our newsletter here. 

As of October 6th 2021, there are 588 active SPACs. 

 

For more updated information, see our Stats page here, or subscribe to our newsletter here. 

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